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Munich Personal Repec Archive
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Democratic Reforms, Foreign Aid And Production Inefficiency
July 1, 2010, 12:00am PDT
The authors construct an endogenous growth model and they employ empirical analysis to investigate the link between foreign aid and production inefficiency in the presence of different political...
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Optimal Monetary Policy With Non-Zero Net Foreign Wealth
July 1, 2010, 12:00am PDT
The author studies the impact of net foreign wealth on the optimal monetary policy of an open economy in a two-country DSGE model with incomplete markets, sticky prices and deviations from the Law...
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Structured Finance Influence On Financial Market Stability - Evaluation Of Current Regulatory Developments
June 30, 2010, 12:00am PDT
In 2007 the world faced one of the biggest financial crises ever. It was the third important financial crisis in the last 12 years. Spillovers to the real economy and moral hazard behaviour of...
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Price-Increasing Competition On Two-Sided Markets With Homogeneous Platforms
June 29, 2010, 12:00am PDT
The authors propose both a monopoly and a duopoly model of a two-sided market. Both settings are fully comparable, as they impose a homogeneous good produced at zero costs without capacity...
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The 'Policy Mix' For Innovation: Rethinking Innovation Policy In A Multi-Level, Multi-Actor Context
July 7, 2010, 12:00am PDT
Recent years have seen the emergence, take-up and use of the term 'Policy mix' by innovation policy makers and by policy analysts & scholars alike. Imported from economic policy debates, the term...
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Risky Funding: A Unified Framework For Counterparty And Liquidity Risk
June 28, 2010, 12:00am PDT
The authors analyze the liquidity component in a derivative transaction where both counterparties can default, and the effect of a counterparty's default probability on his funding costs and...
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A Dynamic Model Of Specialization And Market Development As Engines Of Economic Growth
June 25, 2010, 12:00am PDT
This paper constructs a model of growth based on Adam Smith's notions of specialization and extent of the market. The authors seek to explain the following stylized facts. The share of household...
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Social Conflict, Growth And Factor Shares
June 20, 2010, 12:00am PDT
Standard growth theory is based on atomistic agents with no strategic interactions among them. In contrast, the authors model growth as resulting from a one-off, strategic game between "Workers"...
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The Global Financial Crisis And Equity Markets In Middle East Oil Exporting Countries
June 16, 2010, 12:00am PDT
This paper employs extreme downside risk measures to estimate the impact of the global financial crisis in 2008/2009 on equity markets in major oil producing Middle East countries. The results in...
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When An Inefficient Firm Makes Higher Profit Than Its Efficient Rival
June 16, 2010, 12:00am PDT
This paper considers a Cournot duopoly game with endogenous organization structures. There are two firms A and B who compete in the retail market, where A is more efficient than B. Prior to...
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Optimal Auditing In A Dynamic Model Of Tax Compliance
June 10, 2010, 12:00am PDT
The authors study the optimal auditing of a taxpayer's income in a dynamic principal agent model of hidden income. Taxpayers in the model initially have low income and stochastically transit to...
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Two Perspectives On Multiskilling And Product Market Volatility
June 5, 2010, 12:00am PDT
The authors study the effect of product market volatility on a firm's choice between multiskilling and specialization. They construct a theoretical model that captures the tradeoff between...
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A Neo-Ricardian Critique Of The Traditional Static Theory Of Trade, Customs Unions And Common Markets
June 5, 2010, 12:00am PDT
The vast majority of meaningful discussions about the processes of economic integration and liberalization of trade have so far revolved around the neoclassical theory. This paper is based on the...
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Local Employment Policies In The Context Of The Economic Crisis:influences Of The European Community Structural Instruments
June 5, 2010, 12:00am PDT
Europe is facing an economic and financial crisis that affects the citizens and the European economic activity. The crisis effects are registered on the level of population and labour market,...
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Reducing The Administrative Expenditures As Source For Increasing The Efficiency Of Local Governance Under Conditions Of The Financial Crisis
June 5, 2010, 12:00am PDT
The period we are going through in recent years is marked, economically speaking, by financial crisis effects. These effects, felt in different proportions by each world state, overlapped other...
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The Role Of The Plan
June 4, 2010, 12:00am PDT
The economic reform of 1960's in Czechoslovakia attempted switch to the Socialist Market Economy. That raised the question of compatibility of central planning with the market mechanism. This...
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On Cross-Currency Models With Stochastic Volatility And Correlated Interest Rates
June 1, 2010, 12:00am PDT
The authors construct multi-currency models with stochastic volatility and correlated stochastic interest rates with a full matrix of correlations. They first deal with a Foreign eXchange (FX)...
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Asymmetric Information: The Multiplier Effect Of Financial Instability
June 1, 2010, 12:00am PDT
Financial markets and financial intermediation are essential to well-functioning economy. They perform the role of channeling funds to parties that have value creating investment opportunities....
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Keynesian Substantiation Of The Marketing Policies In Local Development
May 29, 2010, 12:00am PDT
The local development means the existence of several goods and services and their performance, expressed through adequate marketing policies, thus determining the overall development performance....
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Financial Shocks, Financial Frictions And Financial Intermediaries In DSGE Models: Comments On The Recent Literature
May 28, 2010, 12:00am PDT
The aim of this paper is to compare and contrast different ways of modeling financial shocks and financial intermediaries in the Dynamic Stochastic General Equilibrium models (DSGE models) and to...
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Open Source Software Production, Spontaneous Input, And Organizational Learning
May 28, 2010, 12:00am PDT
This paper shows that the modular organization of voluntary Open Source Software (OSS) production, whereby programmers supply effort of their accord, capitalizes more on division than on...
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Landscape In The Economy Of Conspicuous Consumptions
May 28, 2010, 12:00am PDT
Psychological states side by side with the bounded rational expectations among social agents contributes to the pattern of consumptions in economic system. One of the psychological states is the...
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Business Intelligence - The Standard Tool Of A Modern Company
May 27, 2010, 12:00am PDT
The present state of world economy is largely affected by economic crisis. Managers look for new ways and procedures which can start an economic growth. To support this, companies need much better...
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Broadband Infrastructure: The Regulatory Framework, Market Transparency And Risk-Sharing Partnerships Are The Key Factors
May 26, 2010, 12:00am PDT
On the issue of broadband infrastructure there is a marked discrepancy between rhetoric and reality. Set against the ambitious political objectives for broadband rollout - in Germany, for example,...
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Integration, Decoupling And The Global Financial Crisis: A Global Perspective
May 21, 2010, 12:00am PDT
The recent global recession requires policy makers to identify the relative importance of shock transmission mechanisms in each region and devise counter policy measures against future...
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The Impact Of The Securities Transaction Taxes On The Chinese Stock Market
May 14, 2010, 12:00am PDT
This paper analyzes the impact of changes in the Securities Transaction Tax (STT) rate on the local A-shares market in China. The authors find that, on average, a 22-base-point-increase in the STT...
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Entrepreneurial Growth Expectations And Information Flows In Networks
May 12, 2010, 12:00am PDT
The paper analyzes entrepreneur's expectations regarding future growth by analyzing the relationship between information flows from networks and the perceived risk of decisions associated with the...
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Tax Audit Impact On Voluntary Compliance
May 11, 2010, 12:00am PDT
This paper examines the tax audit impact on voluntary compliance. It is different from those in the literature in several ways. First, models were built exclusively for investigating the voluntary...
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Sustainable Heterogeneity: Inequality, Growth, And Social Welfare In A Heterogeneous Population
May 6, 2010, 12:00am PDT
This paper studies social welfare in a heterogeneous population under the criteria of efficiency and sustainable heterogeneity. As is well known, heterogeneity in time preference results in...
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Pricing To Market In Business Cycle Models
May 5, 2010, 12:00am PDT
This paper evaluates the performance of leading micro-founded pricing-to-market frictions vis-a-vis a set of robust stylized facts about international prices. In order to make that evaluation...
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From Home Bias To Euro Bias: Disentangling The Effects Of Monetary Union On The European Financial Markets
May 1, 2010, 12:00am PDT
Following the launch of the Euro in 1999, integration among Euro area financial markets increased considerably. As a result, portfolio home bias declined across the European -financial markets....
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Are Overconfident CEOs Better Innovators?
May 1, 2010, 12:00am PDT
Using options- and press-based proxies for CEO overconfidence (Malmendier and Tate 2005a, 2005b, 2008), the authors find that over the 1993-2003 period, firms with overconfident CEOs have greater...
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Money Talks? An Experimental Study Of Rebate In Reputation System Design
April 29, 2010, 12:00am PDT
Reputation systems that rely on feedback from traders are important institutions for helping sustain trust in markets, while feedback information is usually considered a public good. The authors...
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Externalities, Income Taxes And Indeterminacy In OLG Models
April 28, 2010, 12:00am PDT
Using an aggregate two-periods overlapping generations model with endogenous labor, consumption in both periods of life, homothetic preferences and productive external effects [Lloyd-Braga et al.,...
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CEO Turnover In A Competitive Assignment Framework
April 27, 2010, 12:00am PDT
There is considerable and widespread concern about whether CEOs are appropriately punished for poor performance. The empirical literature on CEO turnover documents that CEOs are indeed more likely...
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Factor Endowment, Structural Change, And Economic Growth
April 27, 2010, 12:00am PDT
This paper aims to test the endowment-based structural change theory proposed by recent studies such as Acemoglu & Guerrieri (2008) and Ju, Lin & Wang (2009); and to explore the linkage between...
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Innovation: Principles And Strategies
April 21, 2010, 12:00am PDT
Competition between companies differentiates a lot nowadays compared to many years before. They compete in "Nicety" that are so small but so important. Companies are trying to achieve competitive...
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Average Tax Rate Cyclicality In OECD Countries: A Test Of Three Fiscal Policy Theories
April 19, 2010, 12:00am PDT
This paper investigates the cyclical properties of the average effective tax rate in 26 OECD countries over 1965-2003 in order to test the validity of three theories of fiscal policy: the standard...
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Does The Macroeconomic Policy Of The Global Economy's Leader Cause The Worldwide Asymmetry In Current Accounts?
April 15, 2010, 12:00am PDT
In the search of the causes of the worldwide recession that began in the U.S. in 2007 and reached Germany a year later, the main focus was on the crisis in the financial system with its roots in...
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A Theoretical Overview Of The Interactions Between Entrepreneurship And Strategic Management
April 7, 2010, 12:00am PDT
This paper provides a useful emphasis on the interactions between entrepreneurship and strategic management. The causes of individual entrepreneurial action and strategic management process...
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How Should Monetary Policy Respond To Asset-Price Bubbles?
November 7, 2007, 12:00am PST
The authors present a simple macroeconomic model that includes a role for an asset-price bubble. They then derive optimal monetary policy settings for two policymakers: a skeptic, for whom the...
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What Explains The Varying Monetary Response To Technology Shocks In G-7 Countries?
November 7, 2007, 12:00am PST
In a recent paper, Gal´ý, L´opez-Salido, and Vall´es (2003) examined the Federal Reserve's response to VAR-identified technology shocks. They found that during the Martin-Burns-Miller era, the...
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One Market, One Money, One Price?
November 7, 2007, 12:00am PST
The introduction of the euro was intended to integrate markets within Europe further, after the implementation of the 1992 Single Market Project. The authors examine the extent to which this...
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Is The Gamma Risk Of Options Insurable?
May 3, 2008, 12:00am PDT
In this paper the authors analyze the risk associated with hedging written call options. They introduce a way to isolate the gamma risk from other risk types and present its loss distribution,...
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The Growth Of Consumer Credit In Asia
July 4, 2008, 12:00am PDT
Consumer credit has shown strong growth in emerging and newly industrialised Asian economies in recent years. While credit card lending has helped smooth consumer spending and improved the...
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Technical Change In Developing Countries: A Dynamic Model Of Adoption, Learning And Industry Evolution
July 10, 2008, 12:00am PDT
This paper develops and analyses a dynamic model, which combines both the adoption and the industry evolution theories. The authors model the decision of adoption, learning entry and exit of...
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Dismissal Costs And Their Impact On Employment: Evidence From Australian Small And Medium Enterprises
November 7, 2007, 12:00am PST
The influence of labor market regulation on employment and other macroeconomic variables is intensely debated across the OECD. In Australia the focus is currently on the employment impact of...
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An Attempt To Control Tax Evasion
May 7, 2009, 12:00am PDT
The main object of this paper is the study of tax evasion from a theoretical point of view. The authors construct a simple two-player model in order to analyze the interaction between the taxpayer...
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Exchange Rate Policy And Trade Balance. A Cointegration Analysis Of The Argentine Experience Since 1962
November 7, 2007, 12:00am PST
Using multivariate cointegration tests for non-stationary data and vector error correction models, this paper examines the determinants of trade balance for Argentina over the last forty to fifty...
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Speaking The Same Language Within The International Organizations; A Proposal For An Enhanced Evaluation Approach To Measure And Compare Success Of International Organizations
May 9, 2009, 12:00am PDT
It is currently difficult for Member States to assess and compare the success or performance of UN organizations despite recent movements towards results-based approaches. Efforts in the...
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Agglomeration Under Forward-Looking Expectations: Potentials And Global Stability
May 14, 2009, 12:00am PDT
This paper considers a class of migration dynamics with forward-looking agents in a multi-country solvable variant of the core-periphery model of Krugman (Journal of Political Economy 99 (1991))....
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Banking Competition, Financial Dependence And Economic Growth
May 15, 2009, 12:00am PDT
The aim of this paper is to analyse the effect of financial development and banking competition on economic growth using both structural measures of competition (market concentration) and measures...
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Cross-Country Comparisons Of Competition And Pricing Power In European Banking
May 15, 2009, 12:00am PDT
Studies of banking competition and competitive behaviour both within and across countries typically utilise only one of the few measures that are available. In trying to assess the relative...
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Time Series Econometrics Of Growth Models: A Guide For Applied Economists
November 7, 2007, 12:00am PST
This paper examines the use of specifications based on the endogenous and exogenous growth models for country specific growth policies. It is suggested that time series models based on the Solow...
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Allais-Anonymity As An Alternative To The Discounted-Sum Criterion In The Calculus Of Optimal Growth II: Pareto Optimality And Some Economic Interpretations
May 29, 2009, 12:00am PDT
This paper studies the Pareto-optimality of the consensual optimum established in "Allais-anonymity as an alternative to the discounted-sum criterion I: consensual optimality" ([Mabrouk 2006a])....
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Infrastructures And New Technologies As Sources Of Spanish Economic Growth
June 18, 2009, 12:00am PDT
The paper revises the impact of infrastructures and Information and Communication Technologies (ICT) on economic growth. It takes Spain as a reference case due to the accessibility to capital...
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Modelling Financial Time Series With SEMIFAR-GARCH Model
November 7, 2007, 12:00am PST
A class of semiparametric fractional autoregressive GARCH models (SEMIFARGARCH), which includes deterministic trends, difference stationarity and stationarity with short- and long-range...
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A Generalized Preferential Attachment Model For Business Firms Growth Rates: II. Mathematical Treatment
June 30, 2009, 12:00am PDT
The authors present a preferential attachment growth model to obtain the distribution P (K) of number of units K in the classes which may represent business firms or other socio-economic entities....
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A Generalized Preferential Attachment Model For Business Firms Growth Rates: I. Empirical Evidence
June 30, 2009, 12:00am PDT
The authors introduce a model of proportional growth to explain the distribution P (g) of business firm growth rates. The model predicts that P (g) is Laplace in the central part and depicts an...
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Information Theory And Knowledge-Gathering
November 7, 2007, 12:00am PST
It is assumed that human knowledge-building depends on a discrete sequential decision-making process subjected to a stochastic information transmitting environment. This environment randomly...
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Measurement Of Social Capital And Growth: An Economic Methodology
July 1, 2009, 12:00am PDT
This paper develops a measure of social capital based on economic relationships and analyzes its effects on growth. Investment in social capital is modeled by using the conceptual framework for...
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Measuring International Economic Integration: Theory And Evidence Of Globalization
July 1, 2009, 12:00am PDT
This paper features a set of indicators designed to measure international economic integration and globalization. The authors analyze the degree of openness and the respective networks of...
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Supply Chains Facing Atypical Demand: Optimal Operational Policies And Benefits Under Information Sharing
July 7, 2009, 12:00am PDT
Management of supply chains facing atypical demand settings is challenging. Demand during events such as promotional sale, seasonal sale and or short life cycle product introduction is notoriously...
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Globalisation, State And Disempowerment: Study Of Farmers Suicide In Warangal
November 7, 2007, 12:00am PST
The ideology of globalization and its practice based on neo-liberal paradigm has played a vital role in re-arranging the architecture of global economic and political order. Central to this new...
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A Comparative Analysis Of Correlation Skew Modeling Techniques For CDO Index Tranches
November 7, 2007, 12:00am PST
In this paper the authors present an analysis of CDO pricing models with a focus on "Correlation skew models". These models are extensions of the classic single factor Gaussian copula and may...
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Financial Systems And Banking Crises: An Assessment
November 7, 2007, 12:00am PST
Traditionally an old concern among economists has referred to the effects that specific financial systems may have on economic performance. Here the authors investigate the stylised facts among...
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The Influence Of Culture On The Economic Freedom And The International Business
November 7, 2007, 12:00am PST
The firms who decide to expand their business in an international environment must modify their management style through international management. Certainly, international management must adapt...
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Knowledge Management ? A Source Of Sustainable Competitiveness In The Knowledge Based Economy
November 7, 2007, 12:00am PST
Confirming the well known thesis knowledge is power, A. Toffler argued that the knowledge based society represents the acme of the human society development and P. Drucker said that the developed...
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Employment Protection And Regional Worker Flows In Italy
November 7, 2007, 12:00am PST
In this paper the authors point out that the theoretical predictions concerning Employment Protection Legislation (EPL) are not fully confirmed by empirical evidence in Italy, a strict EPL country...
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Consumption Externalities And Capital Accumulation In An Overlapping Generations Economy
August 30, 2009, 12:00am PDT
This paper extends the standard overlapping generation's model of capital accumulation by introducing consumption externalities. It is assumed that each generation's felicity depends on the social...
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Measurement Of Efficiency Of Banks In India
September 17, 2009, 12:00am PDT
The opening up of the financial sector in 1990 followed by RBI's reform program which intended to create an viable, competitive and efficient banking system in India had resulted in entry of many...
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Repulsive Particle Swarm Method On Some Difficult Test Problems Of Global Optimization
November 7, 2007, 12:00am PST
Optimization of non-convex (multi-modal) functions is the subject matter of research in global optimization. During the 1970's or before only little work was done in this field, but in the 1980's...
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Skill Acquisition And Economic Development ? Some Comments
November 7, 2007, 12:00am PST
Deme, Franck and Naqvi(2005) showed that the increased government expenditure on education, training and skill acquisition leads to lower unemployment rate, expansion of the urban formal sector...
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The Elasticity Of Taxable Income During The 1990s: A Sensitivity Analysis
October 1, 2009, 12:00am PDT
This paper examines alternative methodologies for measuring responses to the 1990 and 1993 federal tax increases. The methodologies build on those employed by Gruber and Saez (2002), Carroll...
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Trends In High Incomes And Behavioral Responses To Taxation: Evidence From Executive Compensation And Statistics Of Income Data
October 1, 2009, 12:00am PDT
This paper examines income trends from 1992 to 2004 and the responsiveness of different income measures to tax changes for corporate executives and for the very highest income U.S. taxpayers. The...
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Should Informal Sector Be Subsidised?
November 7, 2007, 12:00am PST
This is the first sentence of the author's introduction. The author's paper examines the impact of subsidy policies, given to the informal sector, on urban unemployment and domestic factor income....
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Why Are Interest Rates So Low?
October 8, 2009, 12:00am PDT
Interest rates are widely regarded as unusually low. Former Fed Chairman Alan Greenspan pointed to one aspect of this when he spoke of the "Conundrum" that the Fed began tightening monetary policy...
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Is Spatial Dependence An Instantaneous Effect? Some Evidence In Economic Series Of Spanish Provinces
November 7, 2007, 12:00am PST
The purpose of this paper is to analyze if spatial dependence is a synchronic effect, as it has usually been defined. It is known that in many socio-economic phenomena spatial dependence can be...
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Money Growth Has Slowed Sharply? Should Anybody Care?
October 9, 2009, 12:00am PDT
Milton Friedman, the most influential economist of the 20th century and one of greatest economists of all time, died on November 16, 2006 at age 94. He will be remembered as the most articulate...
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The Recovering Of The Finances By The State Budget
October 12, 2009, 12:00am PDT
In this paper is presented a case study realized on an enterprise which has debts to the state budget. The scope of this paper is to show how the State is able to collect its finances from the...
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